If you want to approach the SBM Presidency, the best way is by having a biscuit and a hand out and gentle caress. You will be welcomed by an adorable four-year-old Yorkshire terrier. Patty never leaves her master’s office except perhaps seeing you off to the elevator. Her presence is so discreet, it does not disturb any meeting. Presiding over the prestigious Société des Bains de Mer for a year and a half, Stéphane Valeri is inseparable from his little dog. As to his big Belgian shepherd, he is home on duty watching over the youngest. Nine month old Diana is a little sister to his two grown-up children, aged 29 and 32… “Patty is on an open-ended contract, assigned to public relations, — jokes Stéphane Valeri, — and she is more grateful than certain employees…”
Father of three, his love of animals goes hand in hand with an empathy for humans. The Principality’s leading employer with some 5,000 staff in high season, Stéphane Valéri is happy to be able to provide a comfortable income to the SBM employees. He is ever conscious of their well-being, all the more so that they represent an established “savoir-être” brand, symbolizing a certain art of living. It is all about elegance on the outside, but most of all, on the inside.
Hello Monaco: Has this appointment come as a surprise to you? Have you ever thought of becoming the SBM President?
Stéphane Valeri: No, absolutely not. It is true that I have been in contact with SBM from very early on. My father was the Casinos’ deputy director. As for me, I discovered SBM as part of my European casino marketing internship. When I finished my studies in 1986, my first job was that of an executive assistant.… But since then, many years have gone by. In 1988, I created my own company “Promocom” organizing events and trade fairs for the general public. The Monaco International Fair, the International Antiques Fair, children, seniors, gastronomy fairs among others… I was managing a company with some hundred staff. I have never thought I would return to SBM and certainly not as its president!
HM: Prior to this appointment to lead SBM you have held important positions with the Principality’s government…
SV: At age 25, the minimum age for Monaco, I was elected to Parliament. The venture with “Promocom” took me five years. Following this, I stood for election in 2003. I was then elected President of the Monaco Parliament, or the National Council. Re-elected five years later, in 2010 I was invited by Prince Albert II to join the Government as State Councilor for Social Affairs and Health.
HM: Which important cases did you handle?
SV: I was in charge of pension reform, introducing teleworking and the Hospital Center’s medical program that the Prince had entrusted me with. Seven years after, I decided to run for elections again. I then chaired the National Council from 2018 to 2023. At the end of my mandate, the SBM Board of Directors, of which the state is the majority shareholder, invited me to become Deputy President. I thus moved from the legislative to the executive branch…
HM: A significant leap it’s been….
SV: It’s not the same job! And SBM has changed a lot. I had the management team renewed. Out of ten executives, there are now six Monegasques including myself. I inherited a thriving business and I will therefore do everything possible to preserve a social model that is a private company unique to Europe. Salaries are indexed every three months to beat inflation. Employees benefit from a 13th month of pay, an incentive bonus, free concerts in the Sporting Salle des Étoiles and holidays largely financed by the social fund etc.
SBM has largely contributed to creating the Monte-Carlo legend. It has become a world-famous brand. We are therefore proud to be part of it, but also responsible for keeping the legend alive. Careers are long at SBM. Employees are attached to the company, bringing their loved ones along.
But apart from this family spirit, SBM also stands for excellence. We are managing the most beautiful palaces and starred restaurants on the Riviera…
HM: It looks like you have created new positions, particularly within Management…
SV: I have a lot of respect for my predecessor who left me the company in a very sound state, but I do have a road map of my own. I changed a number of positions on the executive committee. We now have eight new directors, including myself. I make sure I surround myself with brilliant people, very competent in their field. And I am proud to say that six directors are of Monegasque nationality, including the General Director who dedicated most of his career to the United States and whom I eventually brought back here.
HM: What are your current priorities for SBM development?
SV: I have two priorities. First of all, real estate development. A special position is created just for that. SBM is in fact the largest property owner after the State. We must therefore boost our real estate development, working on several projects. The Casino terraces feature ultra-modern and medicinal thermal baths, and luxury shops. We have planned for rebuilding the Méridien hotel on Princesse Grace avenue, of which we are co-landowners with the State. We would also like to open hotel residences in this exceptional location.
My second priority is going international. With my international development department, we have already purchased a hotel in Courchevel, in the heart of the Alpine garden, at an altitude of 1,850 meters… It needs a total renovation to become one of the most beautiful palaces in Europe with some fifty very large rooms and suites. We will open in December 2026.
НМ: You are known to be very committed to sustainable development and about to design an energy-efficient spa…
SV: We intend, indeed, to make the entire building highly energy efficient, including the SPA. I really like swimming pools overflowing onto the forest and snow. But we will have to wait on that unless we find an energy-efficient system.
We have signed a joint venture with the “D.ream International” group, one of the world leaders in luxury festive restaurants. A Monegasque restaurant in Dubai is about to open, featuring Riviera food specialties. Monaco, however, remains our priority. We designed a new Café de Paris, created the Monaco One, completed the total restructuring of the Casino Square, opened a new restaurant at the Maona etc… A Japanese restaurant “L’Abysse” has also just been opened at the Hermitage hotel specializing in seafood. We are going to give soul to “Moods” with live music groups and comedy nights …a new style music bar that will be very popular with locals. The “New Moods” is to open in autumn.
HM: Talking about heritage, how can you modernize the Principality whilst preserving the old?
SV: We are heirs to 160 years of history. It must be said that the SBM has been chaired by a woman since 1877. When her husband died, Marie Blanc took over the reins. François Blanc had somehow established Las Vegas on the French Riviera 70 years earlier! His wife, for her part, founded the Opera and the Hôtel de Paris cellars which are celebrating their 150th anniversary this year. “We are Monaco” is one of our slogans. We are incredibly lucky to have this heritage and it must be preserved!
We have initiated a restoration program for the Hôtel de Paris cellars. A small museum will be exhibiting our most famous bottles, including two from 1902 labelled by Napoleon I in honour of his son’s birth, the King of Rome. All in all we have 350 thousand bottles, a few hundred of which are priceless and part of the collection.
HM: Are you optimistic about SBM’s future but also more globally, that of the Principality and the planet?
SV: I am very confident about SBM’s future, and am very optimistic by nature. But I can’t really act on the planet that much. I do believe, however, that human beings, once up against the wall, know how to show imagination and creativity. Human technology will help us resolve the problems created by technology and industrial development. And we do have goals in this direction. Some of our buildings are partly supplied by electricity pumping water from the port of Monaco. We are developing more solar panels, growing certain organic vegetables, but we need to accelerate local production.
HM: Do you have a dream?
SV: Carry on serving the Monegasque state well. I want to make this presidency a success for the future, particularly on an international scale. My dream is for the 21st century to live up to the 19th. May we always be an innovative, creative group, a leader in our field. In a way, keeping the legend alive… “Since1863”.
